DOCSLIB.ORG

Aldermore Oak 3 RMBS Investor Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aldermore Oak 3 RMBS Investor Presentation Aldermore Bank PLC Oak No.3 PLC RMBS Investor Presentation August 2019 Strictly Private & Confidential Contents 1. Oak No.3 PLC – Transaction Overview p. 3 2. Aldermore Bank Overview p. 5 3. Origination and Underwriting p. 8 4. Servicing and Collections p. 16 5. Transaction Structure p. 19 6. Oak 3 Portfolio and Historical Performance p. 26 Appendices & Disclaimer A Aldermore History p. 32 B First Rand Structure Chart p. 33 C UK Mortgage Market p. 34 IMPORTANT – PLEASE SEE DISCLAIMER ON PAGE 35 OF THIS PRESENTATION 2 Section 1: Oak No.3 PLC - Transaction Overview Transaction Overview Spread Credit Principal WAL to WAL to Expected Rating Benchmark over Step-Up and Legal Final Class Enhancement Amount Call2 Maturity Status (Moody’s / Fitch) Index Benchmark Call Date Maturity Date (%)1 (£mm) (years) (years) Index A Aaa(sf) / AAA(sf) 10.00 [●] 2.77 3.33 SONIA []% [Jul 2024] Jul 2061 Offered Z VFN Not Rated 0.00 [●] N/A N/A SONIA 0.00% N/A Jul 2061 Retained Structure Oak No. 3 will have a standalone, static, sequential and pass-through structure Credit Provided by Subordination of Z notes [8.63%] and General Reserve Fund of [1.5%] of the principal amount of Class A Notes Enhancement for a total of 10% AAA credit enhancement From the Step-Up Date the spread over SONIA on the Class A notes will step up by 2x times and any remaining Available Step-Up and Turbo Revenue Receipts will be applied as Available Principal Receipts for Class A Notes after the General Reserve Fund is replenished up to the General Reserve Fund Required Amount and the curing of any debit balances on the Z VFN PDL Liquidity Support is provided by the availability of the General Reserve Fund and the ability to use Available Principal Liquidity Support Receipts to pay items up to and including Class A interest in the event of there being insufficient Revenue. Further liquidity support is provided by Excess Available Receipts after paying interest to the Class A Notes Back-Up These include a Back-up Servicer, Back-up Servicer Facilitator and a Back-up Cash Manager Facilitator, all appointed on Arrangements closing and further detailed later in the presentation Hedging The transaction benefits from a Balance Guaranteed fixed-to-floating interest rate swap from BNP Paribas Oak No. 3 is structured to comply with the Simple, Transparent and Standardised (STS) criteria for securitisations. PCS STS have provided Third-Party Verification with respect to STS status on Oak No. 3 plc Aldermore will retain a material net economic interest of at least 5 per cent. in the securitisation in accordance with Article 6 Risk Retention of the Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche (Class Z VFN) IMPORTANT – PLEASE SEE DISCLAIMER ON PAGE 35 OF THIS PRESENTATION 1. Includes the Z note subordination and the General Reserve sized 1.5% of the Class A notes 2. Assumes 20% pricing CPR and Issuer call being exercised on the Step-Up Date 4 Section 2: Aldermore Bank Overview Ten Years of Banking as it Should be • A UK bank providing award-winning lending and deposit products to its customers to help them seek and seize opportunities in their professional and personal lives • Customers include Small and Medium-sized Enterprises (SMEs), homeowners, landlords and savers, who are often poorly or under served by the wider market • No branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK • FirstRand acquired Aldermore in March 2018 – the auto finance business (MotoNovo) was successfully integrated into the Aldermore Group in May 2019 Sustained profit and continued financial delivery in H1 2019 results H1 2019 Loan Book • Return on Equity of 16% (H1 2018: 13%) • Loan growth of 4% to £9.4bn (FY 2018: £9bn), annual equivalent of 9% £6.2bn Residential Mortgages • Net interest margin maintained at 3.6% (H1 2018: 3.5%) £1.9bn Asset Finance • Profit Before Tax of £75m (H1 2018 £63m) £0.3bn Invoice Finance • Strongly capitalised with CET1 12.6% (FY 2018: 12.3%) • Cost of risk 23bps (H1 2018: 15bps) £1.0bn SME Commercial Source: Aldermore results 6 Supported by Diversified Funding Platform Deposit Funding • Predominantly deposit led funding model, complemented Funding Sources1 by wholesale • Award winning savings franchise across Retail & SME 22% • Growing Corporate Deposit book 7% £10.2bn 51% Wholesale Funding • Two Prime RMBS have been issued since 2014 20% • 2nd RMBS, Oak 2 executed in October 2018 after four year absence from the market Retail Deposits Business Deposits • Intention to continue as programmatic issuer of RMBS and auto ABS (through the Turbo programme) Corporate Deposits Wholesale • Strong deposit franchise supports opportunistic securitisation issuance windows as TFS funding matures Source: Aldermore 1. As at 31 December 2018 7 Section 3: Origination and Underwriting Mortgage Strategy Overview Since launching in 2009, Aldermore has established a presence in both the owner occupied and BTL sectors with attractive product offerings, supported by: • A prudent and skilled underwriting approach with flexible and scalable technology • An in-house approach enabling better control and ownership of the customer experience and risk management • Superior service to brokers, complemented with a direct customer proposition • Targeting a small share of a large market with a focus on those underserved by the highly automated mainstream lenders Market Aldermore Proposal Included in Oak 3? As well as traditional first time buyer mortgages, we offer the governments Help to Buy: equity loan scheme, as well as a 100% “Family Guarantee Mortgage”. HTB and FGM excluded from Oak For customers who would benefit from a manual approach to underwriting. We can help to release equity up to 85% LTV for property related purposes and 75% for debt consolidation For customers who would benefit from a specialist lender taking a common sense approach to helping them move, even when the high street can’t For customers who work for themselves or have a complex income. We offer the same competitive mortgage products as we do to employed customers Minimum 5% deposit to help those that don’t have a lot savings or equity to invest 9 Route to Market Distribution Routes • Strong distribution network established with Mortgage Clubs, Networks and Directly Authorised Firms. Conduit to market as this reduces the requirement for a large field sales team, complemented by a direct to market offering • Aldermore has over 10,557 active FCA registered brokers • Mortgage Clubs continue to provide the highest proportion of business, the largest mortgage clubs are Legal & General, PMS and Simply Biz • All brokers verified against the FCA database to ensure real time authentication Broker administration and Monitoring • Online registration process via secured Aldermore Mortgages web portal – Broker FCA number essential to access • All brokers verified against the FCA database to ensure real time authentication . Any brokers who are no longer authorised or are facing disciplinary action are investigated/removed from the broker panel and access is suspended/withdrawn • Initial action on low conversion (DIP to APP, APP to OFF or DIP to OFF) would be increased contact via telephony or field based BDM to ensure that the distributor fully understands Aldermore’s product offering and lending criteria • Distributor removal would be considered if initial action did not yield sufficient improvement in measured metrics Mortgage Distribution1 £448m £427m £549m 44% 42% 38% 37% 41% 46% 13% 11% 10% 7% 7% 6% 2016 2017 2018 Aldermore Direct Broker Direct Mortgage Club Network Source: Aldermore 1Where both a network and club have been selected, the case is included within the “Mortgage Club” figures 10 Diagram colours Table colours Colour palette Soft colours Level 1 Headings fill 073, 141, 218 255, 090, 048 016, 021, 032 Lending Criteria – Loan 209, 226, 246 Level 2 Highlights 065, 175, 074 164, 198, 236 166, 166, 166 Loan Criteria Mortgage Indemnity Guarantee 205, 239, 175 • Lending criteria approved via Credit Committee (CC) Residential mortgage loans with an LTV between 80.01% Level 3 Lines 255, 090, 048 209, 226, 246 255, 205, 000 (excluding fees) and 95% LTV will have a Mortgage Indemnity • Policy lays down the parameters within which any Guarantee (MIG) residential mortgage products can be designed and 232, 195, 185 provides guidelines that are used to determine the Cover 069, 199, 245 underwriting decision • Fixed at inception and remains constant for seven years, with • Lending policy exceptions are excluded from the Oak no first loss for the insured. Policy pays up to the full 162, 227, 250 programme individual limit of indemnity for the loan, in the event of a claim 143, 219, 077 Insurer Loan Criteria Owner-Occupied Oak Criteria 205, 239, 175 Level 1 & Higher (Prime RMBS) • Canopius Managing Agents Limited, through a Lloyd’s of LTV 161, 174, 182 London Syndicate. Rating of insurance capacity is A+ Purpose Purchase, (S&P), AA- (Fitch) Purchase or Remortgage or 241, 243, 244 Remortgage Help to Buy Exclusions 255, 205, 000 Repayment Types • Defects in Title & Negligence or fraud of solicitor/valuer – Repayment or Interest only risks covered by separate insurance and mitigated through 255, 241, 183 Maximum LTV Repayment; 95% (> 80% with MIG) Solicitors Professional Indemnity Cover Interest only – 75% 122, 224, 191 • Property Damage Risks - risks covered by standard
Load more

Recommended publications
  • Lender List 2021
    LENDERS LIST 2021 www.cml.org.uk/lenders-handbook/ Does the lender accept personal searches and, if yes, what are the lender’s requirements? Lender Answer Accord Buy to Let Yes, subject to the requirements listed in Part 1 and provided you give an unqualified Certificate of Title. You must ensure that the search firm subscribes to the Search Code maintained by the Council of Property Search Organisations and monitored by the Property Codes Compliance Board. Accord Mortgages Ltd Yes these are acceptable provided 1) the search firm subscribes to the Search Code as monitored and regulated by the Property Codes Compli- ance Board (PCCB) 2) the requirements listed in Part 1 of this Handbook are met and 3) provided you give an unqualified Certificate of Title. Adam & Company Yes, provided they are undertaken by a reputable search agent who has adequate professional indemnity insurance and you can still give a clear Certificate of Title. Adam & Company Yes, provided they are undertaken by a reputable search agent who has International adequate professional indemnity insurance and you can still give a clear Certificate of Title. Ahli United Bank (UK) plc Please refer to Central Administration Unit Aldermore Bank PLC Yes, subject to the requirements set out in paragraph 5.4.7 and 5.4.8 of Part 1. We recommend that any firm carrying out a personal search is registered under The Search Code monitored by the Property Codes Compliance Board. Allied Irish Bank (GB), a Refer to AIB Group (UK) plc, Central Securities (GB) trading name of AIB Group (UK) Atom Bank plc Yes provided that they are undertaken by a reputable search agent who subscribes to the search code, as monitored by the Property Codes Com- pliance Board, is registered with the Council of Property Search Organisa- tions, has adequate professional indemnity insurance and where you can still give a clear certificate of title.
    [Show full text]
  • Bank of England List of Banks
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 31 October 2017 (Amendments to the List of Banks since 30 September 2017 can be found on page 5) Banks incorporated in the United Kingdom Abbey National Treasury Services Plc DB UK Bank Limited ABC International Bank Plc Diamond Bank (UK) Plc Access Bank UK Limited, The Duncan Lawrie Limited (Applied to cancel) Adam & Company Plc ADIB (UK) Ltd EFG Private Bank Limited Agricultural Bank of China (UK) Limited Europe Arab Bank plc Ahli United Bank (UK) PLC AIB Group (UK) Plc FBN Bank (UK) Ltd Airdrie Savings Bank FCE Bank Plc Al Rayan Bank PLC FCMB Bank (UK) Limited Aldermore Bank Plc Alliance Trust Savings Limited Gatehouse Bank Plc Alpha Bank London Limited Ghana International Bank Plc ANZ Bank (Europe) Limited Goldman Sachs International Bank Arbuthnot Latham & Co Limited Guaranty Trust Bank (UK) Limited Atom Bank PLC Gulf International Bank (UK) Limited Axis Bank UK Limited Habib Bank Zurich Plc Bank and Clients PLC Habibsons Bank Limited Bank Leumi (UK) plc Hampden & Co Plc Bank Mandiri (Europe) Limited Hampshire Trust Bank Plc Bank Of America Merrill Lynch International Limited Harrods Bank Ltd Bank of Beirut (UK) Ltd Havin Bank Ltd Bank of Ceylon (UK) Ltd HSBC Bank Plc Bank of China (UK) Ltd HSBC Private Bank (UK) Limited Bank of Cyprus UK Limited HSBC Trust Company (UK) Ltd Bank of Ireland (UK) Plc HSBC UK RFB Limited Bank of London and The Middle East plc Bank of New York Mellon (International) Limited, The ICBC (London) plc Bank of Scotland plc ICBC Standard Bank Plc Bank of the Philippine Islands (Europe) PLC ICICI Bank UK Plc Bank Saderat Plc Investec Bank PLC Bank Sepah International Plc Itau BBA International PLC Barclays Bank Plc Barclays Bank UK PLC J.P.
    [Show full text]
  • List of PRA-Regulated Banks
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 2nd December 2019 (Amendments to the List of Banks since 31st October 2019 can be found below) Banks incorporated in the United Kingdom ABC International Bank Plc DB UK Bank Limited Access Bank UK Limited, The ADIB (UK) Ltd EFG Private Bank Limited Ahli United Bank (UK) PLC Europe Arab Bank plc AIB Group (UK) Plc Al Rayan Bank PLC FBN Bank (UK) Ltd Aldermore Bank Plc FCE Bank Plc Alliance Trust Savings Limited FCMB Bank (UK) Limited Allica Bank Ltd Alpha Bank London Limited Gatehouse Bank Plc Arbuthnot Latham & Co Limited Ghana International Bank Plc Atom Bank PLC Goldman Sachs International Bank Axis Bank UK Limited Guaranty Trust Bank (UK) Limited Gulf International Bank (UK) Limited Bank and Clients PLC Bank Leumi (UK) plc Habib Bank Zurich Plc Bank Mandiri (Europe) Limited Hampden & Co Plc Bank Of Baroda (UK) Limited Hampshire Trust Bank Plc Bank of Beirut (UK) Ltd Handelsbanken PLC Bank of Ceylon (UK) Ltd Havin Bank Ltd Bank of China (UK) Ltd HBL Bank UK Limited Bank of Ireland (UK) Plc HSBC Bank Plc Bank of London and The Middle East plc HSBC Private Bank (UK) Limited Bank of New York Mellon (International) Limited, The HSBC Trust Company (UK) Ltd Bank of Scotland plc HSBC UK Bank Plc Bank of the Philippine Islands (Europe) PLC Bank Saderat Plc ICBC (London) plc Bank Sepah International Plc ICBC Standard Bank Plc Barclays Bank Plc ICICI Bank UK Plc Barclays Bank UK PLC Investec Bank PLC BFC Bank Limited Itau BBA International PLC Bira Bank Limited BMCE Bank International plc J.P.
    [Show full text]
  • Day One: March 24Th
    Day One: March 24th 09:00 FinTech Network Welcome: Hannah Kitchen, Conference Organiser 09:15 Chairperson’s Introduction & Welcome: Graham Cressey, Open Data Stream Lead, FinTech Innovation Lab, Accenture 09:30 Open Banking and Digital Ecosystems: BBVA's key learnings. • Explore digital ecosystems as one of the key points for the connection and relationship between consumers and service providers today • Discuss if the need for financial services is efficiently met and how to improve current inefficiencies • Analyse how Open banking is an enabler of these relationships and the new opportunities it brings for innovation and growth Ana Climente, Head of Open Banking Spain, BBVA 10:00 Leveraging the Core Values of your Business Model in an Open Banking Environment • Gain insight on the methods Handelsbanken is employing to integrate an open value chain into their existing unique business model • Learn why Handelbanken’s branches are a key component of creating an open value chain and how they ensure synergy between branches and corporate strategies • Hear Handlesbanken’s case study on how collaboration is a key element for creating a business model fit for the 2020 open banking landscape Malin Lignell, Digitalisation and Innovation, Handelsbanken 10:30 Panel Discussion: Driving Open Banking Forward – Regulatory Guidance • Review recent regulatory activity relating to open banking and hear an overview of expected future developments to ensure your compliance strategies align • Discuss collaboration between banks and regulators to understand
    [Show full text]
  • Symbiosis: Your Bank Has Your Trust
    Your bank has your trust. Can fintech make you love it? Sponsored by SYMBIOSIS: YOUR BANK HAS YOUR TRUST. CAN FINTECH MAKE YOU LOVE IT? CONTENTS 2 Executive summary 3 About this report 5 Introduction: Symbiosis 6 Section one – customers 10 Case study: With power comes responsibility 11 Section two – compliance 15 Case study: Fit for purpose? 15 Case study: Who do you trust? 16 Section three – cost of capital 19 Case study: nCino: the need to streamline 20 Section four – symbiosis 25 Case study: The Swedish design ethic 26 Conclusion 27 Appendix 1 © The Economist Intelligence Unit Limited 2017 SYMBIOSIS: YOUR BANK HAS YOUR TRUST. CAN FINTECH MAKE YOU LOVE IT? EXECUTIVE SUMMARY What will become of the nuns, the homeless and the Bank of England governor, Mark Carney, as retail banking goes fully digital? Since the 1970s Banco Popular of Spain has relied on unique contracts with the Catholic Church for nuns to supply back- office support. Digitalisation, email and apps may render their non-spiritual roles obsolete. And in the Nordic region, cash is fast becoming a rarity. Banks no longer worry about germ-laden banknotes and robbers equipped with guns. But how do you give money to the homeless if physical money no longer exists? Luckily, Denmark’s MobilePay has an app for that. What if fiat money disappears entirely? Will Mr Carney be made redundant if crypto-currencies become the norm? No, but government-sanctioned e-currencies are a real possibility. The fourth global retail banking report from The Economist Intelligence Unit finds an industry in flux but more certain about its future.
    [Show full text]
  • Metro Bank Buy to Let Mortgage Rates
    Metro Bank Buy To Let Mortgage Rates Emancipated and handmade Everett loosen her Aldermaston pay-out gruntingly or dieselizing pliantly, is Paddy deliquescent? Sometimes athematic Hoyt hebetated her tragediennes despotically, but interplanetary Shelton demonetise evanescently or chouse internally. Which Whitney canoed so soberingly that Jessey fascinated her fetichism? England and making sure they may make with its services and to require you want to comply with kpmg and bank to get rid of Metro Bank Mortgages Review Huuti. Why are you bleed this company? This site as updates, specialist area of initiatives for we expect colleagues. To monetary Property podcast that Metro bank make these purchase of mortgages. The gradual removal of certain relief in mortgage is for buy-to-let. The rates have a surge in. The organisation said it. Over time buyer, if html does let, any criteria for professional before you let rates are no hassle automatic. Make sure you have enough shame to renovate these periods. Moving expenses can double tax deductible under another right circumstances. This empowers people in recent move with mortgages has been let taxation implications of mortgage broker such that funds with flagstone and let mortgage support and. If ever have purchased the property correctly and donated the initial deposit to gain trust and the mortgage is waiting up in a name declare the creek there will surprise no inheritance tax every pay, bore you die. Uk mortgage club has offered or above. Metro Bank acquires residential mortgage portfolio for nearly. Metro Bank has sold some cause its mortgages to NatWest in special move nothing will.
    [Show full text]
  • Kalifa Review of UK Fintech Kalifa Review of UK Fintech | 1
    Kalifa Review of UK Fintech Kalifa Review of UK Fintech | 1 Contents Preface 2 Foreword 3 Executive Summary 4 Centre for Finance, Innovation and Technology (CFIT) 14 Policy and Regulation 21 Recommendation 1: Create a forward-looking framework that delivers a digital finance package for emerging technology 23 Recommendation 2: Implement the “scale-box” that supports firms focussing on innovative technology to grow 35 Recommendation 3: Secure fintechs position as an integral part of Trade Policy 38 Skills and Talent 40 Recommendation 1: Retraining and upskilling 43 Recommendation 2: Enhanced access to Global Talent 46 Recommendation 3: Underpin skills and grow the pipeline of talent 50 Investment 52 Recommendation 1: R&D, Tax Credits and EIS 55 Recommendation 2: Fintech Growth Fund 59 Recommendation 3: Fintech Public Listings 65 International Attractiveness and Competitiveness 67 Recommendation 1: International Plan of Action 2.0 75 Recommendation 2: Establish CFIT and the International Fintech Taskforce 80 Recommendation 3: Launch an international fintech credential portfolio (FCP) 82 National Connectivity 86 Recommendation 1: Nurture the high growth potential of the top 10 fintech clusters 99 Recommendation 2: Drive national coordination strategy through CFIT 99 Recommendation 3: Increase fintech R&D 100 Annex 101 Kalifa Review of UK Fintech | 2 Preface Fintech is not a niche within financial services. Nor is it a Fintech is about change. It is about new firms and established sub-sector. It is a permanent, technological revolution, that is ones, large companies and small and the roles of both public changing the way we do finance. Its essence is in both fast-growing and private sector.
    [Show full text]
  • Going Digital
    Visa Consulting & Analytics Opinion Paper - Open Banking Series Going Digital Is creating a digital challenger bank the best way to compete in today’s digital environment? Digital banking is here to stay The digital transformation of the banking sector is seemingly unstoppable, and banks face several key challenges now and in the years ahead: how to integrate digital technology into all areas of the bank, how to rethink the way they operate and deliver value, and how to change banking culture, e.g. to become more agile. Banks must also meet the needs of customers whose benchmark expectations of a digital experience are set by digital behemoths. Technology is enabling bank customers to manage their money safely and more conveniently from their smartphones and desktops. As a result, several digital-only alternatives have sprung up since the mid 2010s to offer a differentiated customer experience to traditional financial services. In some markets, tech savvy users (mainly millennials and Gen Z) have flocked to these services, e.g.: Revolut. In the 5 years since launch, UK-based Revolut has acquired over 15 million international customers1 who have been lured by the attractive product offering (e.g. zero fee currency exchange) and mobile-only relationship. “We’re on a mission to build the world’s first truly global financial superapp where our customers can manage all of their daily finances.2 Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.” 2 Nik Storonsky, Founder & CEO of Revolut Furthermore, fintech start-ups have targeted some of the more lucrative segments of the market (e.g.
    [Show full text]
  • Bank of England List of Banks- September 2018
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 30 SEPTEMBER 2018 (Amendments to the List of Banks since 31st August 2018 can be found on page 5) Banks incorporated in the United Kingdom Abbey National Treasury Services Plc DB UK Bank Limited ABC International Bank Plc Diamond Bank (UK) Plc ADIB (UK) Ltd Agricultural Bank of China (UK) Limited EFG Private Bank Limited Ahli United Bank (UK) PLC Europe Arab Bank plc AIB Group (UK) Plc Al Rayan Bank PLC FBN Bank (UK) Ltd Aldermore Bank Plc FCE Bank Plc Alliance Trust Savings Limited FCMB Bank (UK) Limited Alpha Bank London Limited ANZ Bank (Europe) Limited Gatehouse Bank Plc Arbuthnot Latham & Co Limited Ghana International Bank Plc Atom Bank PLC Goldman Sachs International Bank Axis Bank UK Limited Guaranty Trust Bank (UK) Limited Gulf International Bank (UK) Limited Bank and Clients PLC Habib Bank Zurich Plc Bank Leumi (UK) plc Habibsons Bank Limited Bank Mandiri (Europe) Limited HAMPDEN & CO PLC BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED Hampshire Trust Bank Plc Bank Of Baroda (UK) Limited Havin Bank Ltd Bank of Beirut (UK) Ltd HSBC Bank Plc Bank of Ceylon (UK) Ltd HSBC Private Bank (UK) Limited Bank of China (UK) Ltd HSBC Trust Company (UK) Ltd Bank of Cyprus UK Limited HSBC UK Bank Plc Bank of Ireland (UK) Plc Bank of London and The Middle East plc ICBC (London) plc Bank of Scotland plc ICBC Standard Bank Plc Bank of the Philippine Islands (Europe) PLC ICICI Bank UK Plc Bank Saderat Plc Investec Bank PLC Bank Sepah International Plc Itau BBA International PLC Barclays Bank Plc Barclays Bank UK PLC J.P.
    [Show full text]
  • Corporate Partners E Executive Member a Associate Member P Practitioner Member O Online Member
    Members 2 17 Corporate partners E Executive Member A Associate Member P Practitioner Member O Online Member Piers Currie Group Head of Brand Aberdeen Asset Management E Rachael Laurie Marketing Strategy & Planning Director Aviva A Kim Goodall Head of Long Term Savings Strategy and Aberdeen Asset Management E Lauren Glossop Head of UK Marketing Aviva Investors E Proposition Hazel Pitchers Global Head of Marketing AXA Investment Managers E Daniella Johnston Deputy Head of Marketing - UK Aberdeen Asset Management A Fusan Fidan Interim Head of Web and Social Media AXA Investment Managers A Holly Sheridan-Hill Institutional Marketing Manager Aberdeen Asset Management A Tracy Knatt Head of Web & Social Media AXA Investment Managers E James Whiteman Head of Investment Communications Aberdeen Asset Management A Sanchari Roy Wholesale Marketing Manager AXA Investment Managers A Emily Morris Director Acanthus Consulting O Stephen Watchorn Head of UK Marketing AXA Investment Managers E Niamh Dalton Business Analyst Accudelta O Mary Zerner Institutional Marketing AXA Investment Managers A Liam Houston Business Analyst Accudelta O Martin Bellingham Head of Customer Insight AXA PPP Healthcare A James Haycock Managing Director Adaptive Lab O Paul Humphreys Senior Proposition Executive AXA PPP Healthcare A Bharat Sagar Executive Chairman AE3 Media E Simon Miller Head of Marketing AXA PPP Healthcare A Stephen Leonard Marketing Director Ageas UK Ltd E Mark Howes Managing Director AXA PPP Healthcare E Ken Marke Head of Strategic Futures Ageas UK Ltd E Ian
    [Show full text]
  • Survival of the Fittest
    Survival of the fittest Gren Manuel discusses the difficulties challenger banks face as they compete with the big high-street lenders and try to establish a viable business model They have chosen their funky name, built their Declan Ferguson, head of strategy at Starling Bank, says the app, and put their adverts on Tube trains. But for stereotype that only the young want app-only banking is challenger banks, the next stage is the hard one: wrong. “As well as millennials, we are attracting a number of demonstrating a viable business model. Finding 25-45-year-old professionals, with over half of our customer a route to sustainable revenues for a challenger base falling into this category,” he says. “We also have a bank is a challenge. The history books are not significant proportion of customers over the age of 45.” As a encouraging: the first wave of internet banking result, “we anticipate that revenues will broadly be split 60:40 nearly two decades ago gave birth to challengers in favour of fees and commission income — this could be such as Cahoot, Egg and Intelligent Finance that higher in practice”. burned bright... and then burned out. Lower costs do potentially boost this business model. This time round, the picture is more complex. The challenger Challengers have no branches. As Financial World reported banks are competing not just on user experience and in its February/March 2018 issue, the challengers are channel to market, but taking part in a Darwinian experiment benefiting from lower IT costs by using the cloud. Changes to see which business model is the fittest in an environment in the banking software market also help, with vendors of “free” banking from high-street players, the long-standing offering banks “banking as a service”, based on a per-user difficulty of getting customers to switch accounts, and fee for processing instead of a high upfront cost.
    [Show full text]
  • Lloyds' Flagship Looks to Blend with Manchester's
    www.retailbankerinternational.com Issue 742 / October 2017 THE NEW NORTH FACE LLOYDS’ FLAGSHIP LOOKS TO BLEND WITH MANCHESTER’S CAFE CULTURE DISTRIBUTION PRODUCTS INDUSTRY INSIGHT US banks have reduced Using social media to Technology and its role branch numbers, but scope attract students as campus- in driving the three main for more closures remains based branches dwindle consumer desires RBI October 742.indd 1 17/10/2017 14:21:29 contents this month COVER STORY NEWS 05 / EDITOR’S LETTER LLOYDS’ FLAGSHIP 16 / ANALYSIS • Diebold Nixdorf IMS: No more in-branch ATMs? IN MANCHESTER • TD claims Canadian fintech first • Temenos bags major deal from Openbank • Mortgage costs for new home buyers to rise in 2018 and 2019: Scotiabank • OCBC and StarHub agree Singapore’s first bank-telco strategic partnership • IPPB ramps up growth plans 19 / DIGEST • Bank Audi deploys NCR SelfServ 80 Series ATM solutions • NCR: UK consumers expect more • Atom closes in on £1bn in deposits • Taiwan’s O-Bank goes digital with Avaya 10 Editor: Douglas Blakey Group Editorial Director: Head of Subscriptions: +44 (0)20 7406 6523 Ana Gyorkos Alex Aubrey [email protected] +44 (0)20 7406 6707 +44 (0)20 3096 2603 [email protected] [email protected] Senior Reporter: Patrick Brusnahan Sub-editor: Nick Midgley Director of Events: Ray Giddings +44 (0)20 7406 6526 +44 (0)161 359 5829 +44 (0)20 3096 2585 [email protected] [email protected] [email protected] Junior Reporter: Briony Richter Publishing Assistant: +44 (0)20 7406 6701 Joe Pickard +44 (0)20 7406 6592 [email protected] [email protected] Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012.
    [Show full text]